(1) This section applies if -

(a) the Competition and Markets Authority or a specified regulator thinks that in relation to any person an undertaking which is a company of which he is a director has committed or is committing a breach of competition law,

(b) the Competition and Markets Authority or the specified regulator thinks that the conduct of the person as a director makes him unfit to be concerned in the management of a company, and

(c) the person offers to give the Competition and Markets Authority or the specified regulator (as the case may be) a disqualification undertaking.

(2) The Competition and Markets Authority or the specified regulator (as the case may be) may accept a disqualification undertaking from the person instead of applying for or proceeding with an application for a disqualification order.

(3) A disqualification undertaking is an undertaking by a person that for the period specified in the undertaking he will not -

(a) be a director of a company;

(b) act as receiver of a company's property;

(c) in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company;